Nokia closes German factories

Today, Nokia announced a halt on their cellphone production in Germany, and that it will be closing the production facilities in Bochum, Germany, by 1H of 2008.

Nokia plans to move the production from this region to another with lower labor rates, which will result in lower production costs. That, in turn, would result in Nokia's devices being more competitive on the market.

The dark side of the story, however, is that 2,300 workers will be out of work and in the unemployment line.